Get! Set! Bet!
Aren’t you tired of be cheated by online gambling sites with their rigged games and refusal to payout? Lets run them out of business by making casinos decentralized. This is team Terra Casino wanting to launch an actual decentralized casino on the Terra Network. Terra Casino is decentralized smart contract based gamified DAO on the Terra Ecosystem. It will boost the use of Terra’s native stable coin uses.
In its simplest form, its online gaming using terra stable coins. Users can choose to use terra stable coins (other cryptocurrencies and even fiat will be accepted and converted to UST to play classic and innovative gambling games such as slots, roulette, blackjack etc. In future releases of Terra Casino, we plan to have event based peer-to-peer betting’s.
We developed through the Terra Spacecamp hackathon and have our MVP on Terracasino.games . Note that we are redoing our website and thus it may not be accessible.
Our white paper is still in draft and will be released soon.
The purpose of this post is just to brainstorm our launch with the community.
The team consist of developers and experienced business analysts. The developer part of the team are new to RUST and smart contracts but are passionate enough to learn the basics and create an MVP (that we showcased on SpaceCamp hackathon and can be accessed as terracasino.games).
Moving forwards with our vision, to be able to develop sophisticated smart contracts on the terra blockchain that facilitates secure and robust casino games we would need to hire a team of experienced devs.
We have come up with a model of financing where the funds raised will be used to bootstrap the casino bets and at the same time allow it to generate yield to expense the cost of developing the project. While the valuation/price of the token may seem high, it is important to note that the team doesn’t receive any of this money and all the funding is locked up in the treasury contract of Terra Casino. Essentially, the money raised still belongs to the token holders as they decide what happens to the raised fund through governance.
We have given a lot of thought to how we should launch and have come to brainstorm what the pylon community thinks about us launching exclusively through pylon. This will of course come with benefits to MINE stakers. We are planning to airdrop 3% of our total supply to Mine stakers should we get an exclusive launch through pylon!
Our plan for fundraising is to allocate 20% of our total supply to the pylon launchpad. 15% of which will be through direct swaps and 5% to pools for lunatics that want a lossless investment. The pricing we have in mind based on the bootstrapping needed for the casino and the yield for project expense is 0.069 UST : 1 TCHIP if the pylon community wants to do a direct swap. Alternatively, the scout model could also be explored so the community can collectively decide the worth of the project. We have already discussed these things with woojin and the pylon team and they have give us great insight and things that need to be discussed with the community.
We expect to be ready with our website, a working prototype and our whitepaper before the end of December. We plan to launch through pylon during January of 2022.
We along with the community have until then to discuss and brainstorm.
Oh and did we mention that we have had or never will have any private sales, VCs or anyone that will potentially dump on our true supporters which is you the community. All expenses so far for the project have been funded by the team only.
In Summary, following are the points that need discussion
- Should Terra Casino do an exclusive launch on Pylon
- How should the 3% of airdrops be distributed to the Mine Governance stakers
- Should the swap and/or pools only be available to Mine stakers
- Should there be a min/max purchase/swap capability per wallet based on amount and/or duration staked
- Should the price and therefore supply of tokens for swap and/or pools be modified
The Terra Casino team is very excited to hear your thoughts.
Terra Casino team,
Time to go all in.
Edit 1: Adding in some information of the planned Tokenomics
Public sale (Casino Bootstrapping ) : (20%) 15% direct swap, 5 % to Pools
Luna Stakers Airdrop : (2%) No lock
Pylon Stakers Airdrop : (3%) No lock
Liquidity(10%) provided by the project over 36 months (TCHIPS LP)
Project user incentives (Play to Earn): (20%) 12 months linear release
Governance/Treasury : (25%) 24 months linear release.
Team and advisors : (20%) 12 months lock, 24 months linear release